Dear all,
Is it still possible to find the publication 590 (where?) and the Official Commentary (has it been updated?)
Regards
Daniel
brochures and books
brochures and books
Daniel,
Sorry if I have misunderstood your question by the answer is that they can be bought from the ICC. I do not believe the commentary has been updated.
Regards, Jeremy
Sorry if I have misunderstood your question by the answer is that they can be bought from the ICC. I do not believe the commentary has been updated.
Regards, Jeremy
brochures and books
Jeremy,
Forgive a possible stupid question: they can or they could?
Daniel
Forgive a possible stupid question: they can or they could?
Daniel
brochures and books
Daniel,
I can only observe they are advertised on the ICC UK bookshop accesible through iccwbo.org . If they are nonetheless not available why not contact the IIBLP?
Regards, Jeremy
I can only observe they are advertised on the ICC UK bookshop accesible through iccwbo.org . If they are nonetheless not available why not contact the IIBLP?
Regards, Jeremy
brochures and books
ICC Publication No. 590 (the International Standby Practices or ISP98) is available from ICC Publishing and from the Institute of International Banking Law & Practice (www.iiblp.org) of which I am the Director.
The ISP rules are widely used for more than US$350 billion outstanding in standbys and are normally used in financial standbys backing rated debt obligations, where the parties insist that the bank undertaking work “come hell or high water”. They were praised for their rules on closure after the World Trade Center disaster.
Incorporation of the ISP98 effectively eliminates questions regarding the independence of an undertaking, as was demonstrated in a recent English case, Team Telecom, in which the English court treated an otherwise questionable undertaking as independent because it was issued subject to ISP98.
Because of the widespread acceptance of ISP98 and the absence of any problems in their application, the Institute’s Advisory Councils recommended that the rules not be revised.
The Institute is revising The Official Commentary, a project which should be completed by 1 June 2010.
In addition, the Institute will make available by 1 March 2010 via internet or DVD a six hour webinar comparing ISP98, UCP600, and URDG 758, a programme that was successfully given in January in five cities in Asia. Coastline Solutions has also collaborated with the Institute in creating an interactive training course on ISP98 which is available through them.
The Institute is also completing ISP98 Forms, which will be available in March 2010. They will cover basic standbys and counter standbys, and common variations, including automatic extension clauses.
Regards, Jim Byrne
[Thanks to Jim Barnes for posting this reply for me.]
The ISP rules are widely used for more than US$350 billion outstanding in standbys and are normally used in financial standbys backing rated debt obligations, where the parties insist that the bank undertaking work “come hell or high water”. They were praised for their rules on closure after the World Trade Center disaster.
Incorporation of the ISP98 effectively eliminates questions regarding the independence of an undertaking, as was demonstrated in a recent English case, Team Telecom, in which the English court treated an otherwise questionable undertaking as independent because it was issued subject to ISP98.
Because of the widespread acceptance of ISP98 and the absence of any problems in their application, the Institute’s Advisory Councils recommended that the rules not be revised.
The Institute is revising The Official Commentary, a project which should be completed by 1 June 2010.
In addition, the Institute will make available by 1 March 2010 via internet or DVD a six hour webinar comparing ISP98, UCP600, and URDG 758, a programme that was successfully given in January in five cities in Asia. Coastline Solutions has also collaborated with the Institute in creating an interactive training course on ISP98 which is available through them.
The Institute is also completing ISP98 Forms, which will be available in March 2010. They will cover basic standbys and counter standbys, and common variations, including automatic extension clauses.
Regards, Jim Byrne
[Thanks to Jim Barnes for posting this reply for me.]
brochures and books
Mr Byrne, Mr Barnes, Jeremy,
Thank you very much.
Daniel
Thank you very much.
Daniel